Home Buying in Sanford>Question Details

aisha.green, Other/Just Looking in Longwood, FL

first time home buyer

Asked by aisha.green, Longwood, FL Fri Jun 13, 2014

Hi, my fiancé and I are looking for a home to call ours. Rent to own I guess. This will be our first home. our last one was rented. What are my chances of getting approved for something like this? I am a college student 4 kids and my fiancé works.

Help the community by answering this question:

Answers

4
I am a Mortgage Loan Specialist in Orlando area, pls call me and let me review your situation. Rent to own is not a good idea but perhaps you can be qualified to buy now, ther are many programs out there and one of them may fit your needs





Tom Bawany
Loan Officer
NMLS# 519971
407-924-2759 Cell
877-874-5962 Fax
Tom.Bawany@ProspectMtg.com
http://www.MyProspectMortgage.com


Connect with Prospect:
0 votes Thank Flag Link Thu Jul 24, 2014
Hello,

Most owners won't agree to a rent to own. This is because they have to lock in a purchase price before you actually own it. If the market starts to go up and there house is worth more it does not matter because they have locked in the price. It can be a risk most owners will not take. My suggestion would be just to rent somewhere and when it comes closer to when your lease is up start looking for a new home.

Regards,
Randy Tanner
RE/MAX Direct
561-420-7955
tannergroup2@gmail.com
0 votes Thank Flag Link Sat Jun 14, 2014
Rent to own is really not a good idea, therefore consider fixing whatever is preventing you from purchasing outright. Rent to own can be risky and one could stand to lose a bit of money, therefore do inform yourself well, and consider consulting with an attorney who specializes in real estate beforehand. If you haven't done so yet, visit with any licensed loan officer, see if you can buy outright, or simply continue renting until a purchase can be made.
0 votes Thank Flag Link Sat Jun 14, 2014
Aisha,
First, Rent to Own is a terrible idea. The only reason to consider this is if you absolutely can't qualify for a mortgage and you can do it from a family member or someone you trust. Most people who do rent to own arrangements, also known as Lease Options never end up buying that house and they lose a lot of money they could have, should have saved.
If you have reasonable credit, or aren't sure your first step will be to meet with a mortgage lender to get pre-approved. This is the only way you know how much you can afford to pay, what your payments, interest rates and overall terms will be.
Assuming you do qualify, you're going to need an excellent agent. Don't be tempted to use a "friend" who just got their license. You need an experienced professional who will look out for you and who's advice you'll trust. They should also be incredibly patient as you're going to have a ton of questions and they all deserve to be answered.
Best of luck and let us know how things go.
0 votes Thank Flag Link Fri Jun 13, 2014
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2014 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer